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it refers to the the responsiveness of quantity of goods demanded by consumers when there is a change in price level. The formula PED is percentage change in quantity demanded divided by percentage change in price of that particular good.
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Distinguish between price elasticity and income elasticity?
The price elasticity refers to the change in demand due to the change in price. The income elasticity of demand on the other hand refers to the change in demand due to the change in income.
What are different types of elasticity?
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
Which term refers to the extent to which a change in price causes a change in demand?
Demand-price elasticity.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
Would the concepts of cross elasticity of cross elasticity of demand and income elasticity of demand be of any interest to a pharmaceutical company?
I am at a loss for the answer please help me.
Method for measurement of Elasticity of Demand?
there are three methods of measuring elasticity of demand
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
What is Short run and long run price elasticity of demand?
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
What are the determinants of income elasticity of demand?
write a note on determinates of income elasticity of demand
How does elasticity of demand influence tax revenue?
Elasticity of demand influenced tax revenues
